Ifeanyi Jesse 
The Art of Social Engineering in Crypto Scams – How Scammers Target Their Victims
The Department of Justice (DOJ) has seized about $112 million in digital currencies used in several investment scams. This is a big step against fraud in the cryptocurrency industry.
Judges from different states gave six accounts seizure warrants. These accounts were said to be used to clean up money from various crypto-related confidence scams. Con artists build long-term relationships with their victims to get them to invest in fake platforms for trading cryptocurrency.
Most scams reported to the FBI in 2022 involved investment fraud with cryptocurrencies, such as pig butchering scams. These scams resulted in the most significant losses, about $3.3 billion.
The Department of Justice (DOJ) plans to return stolen digital assets
Victims were contacted through social media, online chat rooms, dating websites, and phone calls and text messages sent by accident. The DOJ plans to return the stolen digital assets to those who lost them. This is part of its ongoing fight against international criminal organizations that use confidence scams and technological know-how to rip off Americans.
In addition to shutting down these operations, the DOJ wants to raise public awareness and encourage people to be careful with online relationships and suspicious investment advice, especially regarding cryptocurrencies.
